According to local media sources, cryptocurrency assets confiscated from alleged tax evaders in South Korea in 2021 and 2022 totaled about 260 billion Korean won (US$184.3 million). The most cryptocurrency recovered from a single delinquent taxpayer was close to 12.5 billion won ($8.87 million). After establishing the legislation in 2020, South Korean tax authorities began collecting unpaid taxes by seizing cryptocurrencies last year. Authorities take a tax evader’s account or crypto assets after obtaining information from exchanges. If the tax obligation is not paid, the cryptocurrency assets are auctioned at market value.
